Tree Island Wire Income Fund
TSX : TIL.UN

Tree Island Wire Income Fund

July 02, 2009 20:32 ET

Tree Island Closes Sale of Surplus Lands

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2009) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) today announced that it has completed the sale of 12.5 acres of surplus lands at its Richmond, B.C. manufacturing facility for net proceeds of $8.6 million. The Fund intends to use available proceeds from the sale to reduce debt under the GE credit facility.

About the Fund

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. There are 22,000,850 units of the Fund outstanding, representing a 100% ownership interest in Tree Island.

The Fund's performance depends entirely on the performance of Tree Island.

About Tree Island Industries

Headquartered in Richmond, British Columbia, Tree Island Industries produces wire products for a diverse range of construction, agricultural, manufacturing and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. The company markets these products under the Tree Island, TI Imports and HK Universe brand names. Tree Island also owns and operates a Hong Kong-based trading company that provides internationally sourced products to Tree Island and its customers worldwide.

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